Eagle Eye Warning: Maoshuo Power's Operating Revenue Declines

Sina Finance Listed Company Research Institute | Financial Report Hawk-Eye Alerts

On April 4, Moxu Power released its 2025 annual report. The audit opinion is a standard unqualified audit opinion.

The report shows that the company’s operating revenue for the full year of 2025 was RMB 1.225 billion, representing a year-on-year decrease of 5.39%; net profit attributable to shareholders was RMB -234 million, representing a year-on-year decrease of 447.2%; net profit after deducting non-recurring items attributable to shareholders was RMB -240 million, representing a year-on-year decrease of 528.45%; and basic earnings per share was RMB -0.66 per share.

Since the company’s listing in February 2012, it has delivered cash dividends 7 times, with cumulative cash dividends implemented totaling RMB 147 million.

The listed company financial report hawk-eye early warning system conducts intelligent quantitative analysis of Moxu Power’s 2025 annual report across four major dimensions: performance quality, profitability, funding pressure and safety, and operating efficiency.

I. Performance Quality

During the reporting period, the company’s revenue was RMB 1.225 billion, down 5.39% year over year; net profit was RMB -251 million, down 545.34% year over year; and net cash flow from operating activities was RMB 32.0731 million, down 24% year over year.

From the overall performance perspective, key attention should be paid to:

• Operating revenue declined. During the reporting period, operating revenue was RMB 1.23 billion, down 5.39% year over year.

• The growth rate of net profit attributable to shareholders continued to decline. In the last three annual reports, the year-on-year changes in net profit attributable to shareholders were -9.85%, -11.86%, and -447.2% respectively, with the downward trend persisting.

| Item | 20231231 | 20241231 | 20251231 | | Net profit attributable to shareholders (yuan) | RMB 76.5652 million | RMB 67.4836 million | RMB -234 million | | Net profit attributable to shareholders growth rate | -9.85% | -11.86% | -447.2% |

• The growth rate of net profit after deducting non-recurring items attributable to shareholders continued to decline. In the last three annual reports, the year-on-year changes in net profit after deducting non-recurring items attributable to shareholders were -15.67%, -19.95%, and -528.45% respectively, with the downward trend persisting.

| Item | 20231231 | 20241231 | 20251231 | | Non-recurring profit attributable to shareholders (yuan) | RMB 69.9162 million | RMB 55.9667 million | RMB -240 million | | Non-recurring profit attributable to shareholders growth rate | -15.67% | -19.95% | -528.45% |

• Operating profit has been negative for three consecutive quarters. During the reporting period, operating profit in the most recent three quarters was -0.3 billion yuan, -0.5 billion yuan, and -1.8 billion yuan, remaining negative throughout.

| Item | 20250630 | 20250930 | 20251231 | | Operating profit (yuan) | -RMB 33.377 million | -RMB 49.8854 million | -RMB 178 million |

• Net profit was negative for the first time in the past three years. During the reporting period, net profit turned negative at -RMB 250 million.

| Item | 20231231 | 20241231 | 20251231 | | Net profit (yuan) | RMB 68.0778 million | RMB 56.3659 million | RMB -251 million |

II. Profitability

During the reporting period, the company’s gross margin was 10.52%, down 55.31% year over year; net margin was -20.49%, down 570.7% year over year; and return on net assets (weighted) was -20.18%, down 482.92% year over year.

In light of the company’s operating performance, key attention should be paid to:

• Sales gross margin continued to decline. In the last three annual reports, sales gross margin was 26.96%, 23.54%, and 10.52% respectively, with a sustained downward trend.

• Sales net margin continued to decline. In the last three annual reports, sales net margin was 5.12%, 4.35%, and -20.49% respectively, with a sustained downward trend.

| Item | 20231231 | 20241231 | 20251231 | | Sales net margin | 5.12% | 4.35% | -20.49% | | Sales net margin growth rate | -8.24% | -15.05% | -570.7% |

In light of the company’s asset-side performance, key attention should be paid to:

• Average return on net assets over the past three years was below 7%. During the reporting period, the weighted average return on net assets was -20.18%; the weighted average return on net assets for the most recent three fiscal years averaged below 7%.

| Item | 20231231 | 20241231 | 20251231 | | Net assets return rate | 6.01% | 5.27% | -20.18% | | Net assets return rate growth rate | -46.2% | -12.31% | -482.92% |

• Return on net assets continued to decline. In the last three annual reports, the weighted average return on net assets was 6.01%, 5.27%, and -20.18% respectively, with a sustained downward trend.

| Item | 20231231 | 20241231 | 20251231 | | Net assets return rate | 6.01% | 5.27% | -20.18% | | Net assets return rate growth rate | -46.2% | -12.31% | -482.92% |

• Return on invested capital is below 7%. During the reporting period, the company’s return on invested capital was -18.46%, and the average value across the three reporting periods was below 7%.

| Item | 20231231 | 20241231 | 20251231 | | Return on invested capital | 5.63% | 5.17% | -18.46% |

From the perspective of whether there is impairment risk, key attention should be paid to:

• The year-on-year change rate of impairment losses exceeds 30%. During the reporting period, impairment losses were -RMB 70 million, down 8148.59% year over year.

| Item | 20231231 | 20241231 | 20251231 | | Impairment losses (yuan) | -RMB 18.6495 million | -RMB 881,700 | -RMB 72.7318 million |

III. Funding Pressure and Safety

During the reporting period, the company’s asset-liability ratio was 43.48%, up 29.76% year over year; the current ratio was 1.78, and the quick ratio was 1.56; total debt was RMB 258 million, of which short-term debt was RMB 258 million; short-term debt as a percentage of total debt was 100%.

From the overall view of financial condition, key attention should be paid to:

• The asset-liability ratio continues to rise. In the last three annual reports, the asset-liability ratio was 28.81%, 33.51%, and 43.48% respectively, with a sustained upward trend.

• The current ratio continues to decline. In the last three annual reports, the current ratio was 2.83, 2.37, and 1.78 respectively, indicating weakening short-term solvency.

From the perspective of short-term funding pressure, key attention should be paid to:

• The ratio of short-term to long-term debt increased significantly. During the reporting period, short-term debt/long-term debt rose significantly to 8.46.

• The cash ratio continues to decline. In the last three annual reports, the cash ratio was 1.31, 1.01, and 0.85 respectively, showing a continuous decline.

From the perspective of capital management, key attention should be paid to:

• The ratio of interest income to cash and cash equivalents is less than 1.5%. During the reporting period, cash and cash equivalents were RMB 240 million, short-term debt was RMB 110 million, and the company’s average ratio of interest income to cash and cash equivalents was 0.567%, below 1.5%.

• Accounts payable bills fluctuate significantly. During the reporting period, accounts payable bills were RMB 140 million, with a period-beginning change rate of 47.36%.

From the perspective of funding coordination, key attention should be paid to:

• Cash from operating activities cannot meet the funding needs for capital expenditures, and financing channels are tightening. During the reporting period, the sum of net cash flow from operating activities and net cash flow from investing activities was -RMB 110 million, while net cash flow from financing activities was -RMB 50.19445 million. Operating cash flow cannot cover the investment funding needs, and financing channels are tightening.

IV. Operating Efficiency

During the reporting period, the company’s accounts receivable turnover ratio was 2.6, down 6.2% year over year; inventory turnover ratio was 6.32, up 9.11% year over year; and total asset turnover ratio was 0.65, down 5.29% year over year.

From operating assets, key attention should be paid to:

• Accounts receivable turnover ratio continues to decline. In the last three annual reports, accounts receivable turnover ratios were 3.01, 2.78, and 2.6 respectively, indicating weakening accounts receivable turnover capability.

From long-term assets, key attention should be paid to:

• Total asset turnover ratio continues to decline. In the last three annual reports, total asset turnover ratios were 0.72, 0.69, and 0.65 respectively, indicating weakening total asset turnover capability.

• Long-term prepaid expenses changed significantly compared with the beginning of the period. During the reporting period, long-term prepaid expenses were RMB 0.1 billion, up 104.15% compared with the beginning of the period.

From the perspective of the “three expense” metrics, key attention should be paid to:

• Management expense growth exceeds 20%. During the reporting period, management expenses were RMB 130 million, up 26.13% year over year.

• Management expense growth outpaces revenue growth. During the reporting period, management expenses increased 26.13% year over year, while operating revenue decreased 5.39% year over year; management expense growth rate was higher than the operating revenue growth rate.

| Item | 20231231 | 20241231 | 20251231 | | Operating revenue growth rate | -13.9% | -2.53% | -5.39% | | Management expense growth rate | -0.53% | -1.8% | 26.13% |

Click Moxu Power’s hawk-eye alerts to view the latest alert details and a visual preview of the financial report.

Sina Finance’s listed company financial report hawk-eye alert overview: The listed company financial report hawk-eye alert is an intelligent professional analysis system for listed company financial reports. The hawk-eye alerts, by gathering a large number of authoritative financial experts such as accounting firms and listed companies, track and interpret the latest financial reports of listed companies from multiple dimensions, including company performance growth, earnings quality, funding pressure and safety, and operating efficiency, and use charts and text to highlight possible financial risk points. It provides professional, efficient, and convenient technical solutions for financial institutions, listed companies, regulatory authorities, and others to identify and issue early warnings for financial risks of listed companies.

Hawk-eye alert entry: Sina Finance APP—Quotes—Data Center—Hawk-eye Alerts, or Sina Finance APP—Stock Quote page—Financials—Hawk-eye Alerts

Disclaimer: The market involves risk; investments require caution. This article is automatically published based on third-party databases and does not represent Sina Finance’s viewpoints. Any information appearing in this article is provided only for reference and does not constitute personal investment advice. If there are discrepancies, please refer to the actual announcements. If you have any questions, please contact biz@staff.sina.com.cn.

Massive information, precise insights—right here in the Sina Finance APP

Editor: Xiaolang KuaiBao